Al Rashid Industrial H1 2024 net profit jumps 86% to SAR 19.7M

01/09/2024 Argaam Exclusive

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Al Rashid Industrial Co. reported a net profit of SAR 19.7 million in H1 2024, an increase of 86%, compared to SAR 10.6 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	67.16	74.05	10.3 %
Gross Income	21.28	31.29	47.0 %
Operating Income	11.19	19.81	77.0 %
Net Income	10.55	19.65	86.3 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.32	2.46	86.3 %

The company reported higher sales of existing and new production lines, an increase in production capacity, in addition to adding new varieties and products during the period. The company also increased the coverage of local markets by introducing points of sale to fulfil customer orders.

Gross profit increase by 47.05% year-on-year (YoY) due to higher revenue, lower prices of raw materials and access to new sources of raw materials.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	67.16	74.05	10.3 %
Gross Income	21.28	31.29	47.0 %
Operating Income	11.19	19.81	77.0 %
Net Income	10.55	19.65	86.3 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.32	2.46	86.3 %

Item	H2 2023	H1 2024	Change‬
Revenues	67.87	74.05	9.1 %
Gross Income	22.75	31.29	37.5 %
Operating Income	11.47	19.81	72.7 %
Net Income	10.77	19.65	82.5 %
Average Shares	8.00	8.00	-
EPS (Riyals)	1.35	2.46	82.5 %

Total shareholders’ equity, no minority interest, reached SAR 132.74 million by June 30, 2024, compared to SAR 111.59 million a year earlier.

Development of Interim Financials
Period	Revenue ( SAR mln)	Net Profit ( SAR mln)	EPS (SAR/Share)
H1 2022	55.68	7.83	0.98
H2 2022	60.82	8.72	1.09
H1 2023	67.16	10.55	1.32
H2 2023	67.87	10.77	1.35
H1 2024	74.05	19.65	2.46

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